SEC Attempts to Look Busy Probing More Ponzi Schemes

Sure it's going to take some time to figure out exactly how one man could misplace $50 billion.  But rest assured that the SEC is not just gonna sit on its laurels while it is unraveling the Madoff mess.  The supposed regulatory agency that has dropped the ball in ways too numerous to count during the financial crisis, has announced that it is pursuing "at least one case" in which investors may have been cheated out of as much as $1 billion.  In fact, just this week, the agency announced that it halted a $23 million scam targeting Haitian-Americans.  Sure it is a travesty that Haitian-Americans were being ripped off to the tune of several million dollars, but I wouldn't parade those numbers around the Jewish community, as they would no doubt be happy about only losing multiple millions instead of multiple billions.  While it's great that the SEC has finally woken up from its slumber and decided to actually do its job of investigating potential scams, it's pretty pathetic that it took a scandal the size of Madoff to light a fire under the agency's hide.  I suppose someone at the SEC has been tasked with finally dusting off the pile of ignored letters from attempted whistle blowers, and might be taking a few of them seriously.  Whether the investigators are capable of unveiling fraud without a preemptive full blown confession from the perpetrators remains to be seen.